Natural gas fund Cogent Energy Investment Management LLC has been shut down, according to a source intimately involved in the space. Traders Benzinga spoke with are attributing Tuesday's natural gas futures performance to the closure.
The commodity responded as reports of Cogent's closure circulated, spiking from an intra-day low just under $1.69 to a high of almost $1.77. Natural gas futures were volatile, up about 5 percent on the session.
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The fund, created by three former Enron traders according to Bloomberg, was launched in January 2013. Founders Fletcher Sturm, Robert Benson and Frank Ermis also worked at JPMorgan Chase and Barclays before starting Cogent, Reuters reported in 2012.
Cogent did not respond to a request for comment.